Husk Power Systems, a provider of decentralized solar-hybrid mini-grids, has announced that it has secured a $4 million investment in debt financing from Electrifi. According to sources, this investment is expected to help the company accelerate its efforts to provide clean energy access in rural India.
It has been reported that this latest funding supplements ElectriFi?s previous investment of $ 6 million in September 2022, which enabled Husk to implement solar microgrids that brought electricity to 80 communities.
Husk, known for constructing and operating low-cost hybrid power plants and distribution networks, is said to have successfully provided reliable, clean electricity to remote communities, households, and micro, small, and medium-sized enterprises not connected to the grid in India and Africa.
Manoj Sinha, Co-Founder and CEO of Husk, has stated that the $10 million from EDFI MC is crucial for Husk to expand its mini-grid footprint in India and have a more significant impact on the lives and livelihoods of tens of thousands of people.
In the past, ElectriFi, managed by EDFI Management Company and funded by the European Union, has reportedly supported Husk in achieving its impact and operational goals. This support has also helped Husk attract significant interest from other investors, resulting in the company raising $ 43 million in Series D funding.
It is mentioned that Husk plays a vital role in facilitating further private capital funding for impactful businesses, like its own.
Rodrigo Madrazo, CEO of EDFI Management Company, has commented that their initial investment not only provided Husk with necessary capital but also validated their business model, attracting further substantial investment. He sees this as a clear demonstration of how ElectriFI fosters innovation and unlocks commercial financing for clean energy solutions in emerging markets.
Sources reveal that in January, Husk also secured $750,000 in debt financing from Deutsche Investitions- und Entwicklungsgesellschaft to support its expansion of microgrids in North and East India.
